If you’re looking to boost your rental income this year, try these four ways to reduce expenses:
Refinance
If you haven’t yet refinanced your mortgage or home equity loan to take advantage of today’s low interest rates, there’s still time to lock in a great deal. Jay Brinkmann, chief economist for the Mortgage Bankers Association, expects mortgage rates to rise to 4.8 percent in 2015, and to 5.4 percent by the end of 2016.
If your current mortgages exceed your investment home’s value, you may still be able to refinance using one of the federal government’s Home Affordable Refinance Program.
Give Tenants A Dozen Furnace Filters
Getting the tenants to change the furnace filters once a month can increase the lifespan of your system.
To make this task easy, buy 12 filters and store them in the furnace room so they’re at hand when your tenants need them. Suggest they change the filter when they pay the rent, so they remember to do it each month.
Seal Those Home Air Leaks
Sealing your property’s air leaks is one of the most cost-effective ways to cut utility bills. If tenants pay the utility bill, paying less leaves them more money to pay you rent.
Check to make sure your windows are caulked around the outside of the trim on the inside, and outside, of your home. Use foam to fill large gaps where the plumbing, electric or cable comes in the house.
Shop Your Insurance Policies
Yes, it’s a bother to shop for insurance, but if you haven’t checked what’s out there lately, you may be overpaying. The easiest way to get this chore done is to delegate. Copy the declarations pages from your current landlords and umbrella policies and shop around for a better deal.
Start your shopping by contacting your current agent or insurance company and asking for an annual review to make sure you’ve got the right coverage and are getting all the discounts for which you qualify.
If you need a referral to a good insurance agent, mortgage loan officer or home handyperson, please contact me.
Unleash the Power of Real Estate Investing!
Are you ready to take advantage of the growing demand for new construction homes and rental properties? Investing in apartments offers long-term financial security and significant cash flow potential, while new construction home projects offer the potential for faster profits. Don’t miss out on the opportunity to diversify your portfolio and build wealth through real estate.
Get in touch with us today to learn more about high-potential new construction homes and apartment investment opportunities, access expert market insights, and start your investment journey. Schedule your free consultation!
